Gold Prices Rise Amid Anticipation of U.S. Jobs and Inflation Data
Despite a decline today, gold has maintained its strength above $5000per ounce, amid caution and anticipation among investors before the release of important U.S. data on jobs and inflation, which could determine the direction of future interest rates.
According to the latest spot trading, gold fell by 0.7% to $5029.49per ounce, after rising by 2% yesterday, supported by a drop in the dollar to its lowest level in over a week.
It is worth noting that the precious metal recorded its highest historical level at $5594.82per ounce on January 29, according to Reuters.
Meanwhile, U.S. futures contracts for April fell by 0.5% to $5052per ounce.
In contrast, silver dropped in spot transactions by 2.1% to $81.64 after a strong rise of nearly 7% in the previous session, noting that silver recorded its highest level ever at $121.64on January 29.
In analytical statements, the head of macroeconomics at Tasty Live, Ilia Spivak, said:
"The cold war and economic competition between the United States and China are unlikely to end for years to come... This gives gold a clear upward advantage."
On the other hand, White House economic advisor Kevin Hassett indicated that job gains in the United States may slow in the coming months due to slow workforce growth and rising productivity, which could affect the Federal Reserve's decisions.
Investors expect at least two interest rate cuts of 25 basis points during 2026, with the first cut anticipated in June, which tends to support gold prices that do not yield returns.
In the context of upcoming economic data this week, the market is awaiting December retail sales, the consumer price index, and the non-farm payroll report for January.
As for other metals, platinum recorded a drop of 2.1% to $2084.09per ounce, while palladium fell by 1.7% to $1710.75.
